Geithner’s letter to Pelosi

Washington, D.C. (BNO NEWS) — The U.S. Department of the Treasury has released the text of a letter sent today by Secretary Timothy Geithner to House Speaker Nancy Pelosi, Senator Harry Reid, Senator Mitch McConnell and Representative John Boehner.

View the letter here (pdf).

Would love your input on this letter.

15 Responses

  1. What a dog and pony show that letter is…..these people really are pigs.

  2. A couple of things:

    The Sec of Treas (Geithner, himself) will go look at the highest compensated person from each TARP recipient to see if compensation was appropriate. Weren’t there banks that were made to take TARP funds? The govt is going to “negotiate” the payments back from the employees? Hmm, like they negotiate in Chicago? What about the foreign employees? Are they even paying taxes on their bonuses?

    We are going to give AIG a bill for the bonuses paid. AIG is in dire enough straits for us to give them funds, but they should be able to come up with the money to pay back? And we will reduce our assistance to cover that amount as well. So we will keep our taxpayer money. Will they get it in the next go-round? What do any of these numbers mean anyway!?!?

    We need an expanded resolution authority. Okay. Run by whom? Timmy and the new guy from Citi? Any more guys from the Fed interested in serving on a board to funnel money to other countries? They are pushing the “unregulated” claim, which is false. This company was doing what it was doing under the watchful eye of our government. It was completely regulated, by the fox. We are just going to give the fox more hen houses to watch for us.

    He keeps saying “wind down” AIG. What does that mean?

  3. What a crock.

    One question: Where does the buck stop?

    Throughout the entire 8 years of the Bush Administration (which I think was the absolute worst in the recent history of our country) we were reminded at every shabby turn that the buck stopped in the Oval Office. Why is this letter trying to exempt the current POTUS of the same accountability?

    This seems (at least to me) a preparatory step to absolve “The One” of any responsibility, even though he spent weeks scaring the shit out of the taxpayers with words like “catastrophe” if we didn’t support his (ahem) economic policy? and didn’t He Himself push this through with lightning speed?

    If we are to take Geithner at his word, the President didn’t read the fine print before shoving damned thing down our throats. That sounds competent…………… and very Presidential

    They’re all in it together, and the only people getting screwed are the taxpayers. We own 80% of AIG, thanks to Obama’s handout, and we can’t do a thing about it.

  4. Anthony, that is funny that you say that. My local AM station had as a start to an AIG story….”The buck stops here…” I briefly thought, wow, really? No, it was about Congress going after the execs. But the line is supposed to refer to our executive……who does not know how to be an executive, of course.

    New “executive” line……the buck stops over there, and I didn’t know about it but am as outraged as you are so I will send my people over there to get the buck.

    Hmmm, I wonder how that would work in my business, heh.

  5. Gagirl-

    What irks me the most about this is that the President himself constantly reminds us “I inherited this problem from the Bush Administration”, to which all of his ball lickers supporters say “Yeah – he inherited it! Leave Barack alone!!”

    So, to dissect that idea, the current POTUS inherited a debt and an economy that is in shambles. Given.

    Now, President Obama, show us how smart you are. Rather than let poorly managed companies who intentionally screwed us go into bankruptcy! (that’s what chapter 11 is for, dammit!) Instead, you award them even more money than we have to spend? With no oversight???

    The blame lands squarely in the lap of Barack Obama. After all, that’s what being President is all about – reading the f*cking proposals before you sign them and implement them.

    What’s that, Barry? the provisions for bonuses were already in the contracts? Didn’t you review that before you released the funds, you JACKASS?????

    sure, now that the polls show that only 42% of the people approve of how you’re managing the economy, the tune changes to finger pointing and laying blame on the last asshole we had to deal with in the White House.

    Sorry for the outburst – I’ve had it……

  6. What’s a tranche? And I thought I spoke English.

    Also–I have written hundreds of letters like this and it’s “Madam Speaker,” not “Madame.”

    This is all such a stupid crock, I don’t know what else to say. If they give AIG $165 million less…big woo…
    When AIG comes back for more, bucket meet drop.

  7. Also–I have written hundreds of letters like this and it’s “Madam Speaker,” not “Madame.”

    From this bunch, she’s lucky it didn’t say “Hey Bitch”.

  8. LOL. Good one!

  9. The first thing that struck me, aside from the mistaken (French) spelling of “Madame” that Star points out , is that Geithner refers only to “the considerable outrage in the Senate.” I guess Reid is so wimpy that Geithner thinks Pelosi is the leader of both the House and the Senate.

    The rest of the letter is of the how-he’s-going- to-close-the-barn-door-after-the-horses-have-been-let-loose variety.

    The bill should have contained language specifically forbidding any of the money going for bonuses. Without it, Obama should have refused to sign it. But I’m sure he had no clue what was or wasn’t in it because reading this or any other bill would be much too much for this incompetent, who wanted the title and trappings of the presidency but not the real work that the job entails.

    And we thought Bush was a smirking chimp! Seeing that smirk on Obama’s face as he telepromted his faux outrage makes me want to puke.

  10. Timmy needs to hire some staff. It’s “ensure”, not “insure.”

    I reviewed many such letters from persons who are in butt-covering mode. Typical plans to review and take action to “ensure…” No time frames for completion of the reviews. Not so much discussion of why these undesirable events were permitted to occur. No one takes responsibility.

    Based on media discussions, Geithner may be cupable in allowing the bonuses to be paid. If so, he has already failed the public, and it’s time to say he is stepping down to spend more time with his family.

  11. Oh haven’t you heard, Hugo, the New English has no time for proper word usage. Insure, ensure and assure are now the same to all these dumbed down people. That’s why if your home has a fire, you should go to the yellow pages and see if you can find your Ensurance man.

  12. Cheap ass PR stunt. If the letter had really said anything important, it sure as hell wouldn’t have been released to the public.

  13. LOL, uppity!! But I’m holding Timmy and Barry and obama to a higher standard. Somewhere I heard Timmy is the best thing since sliced bread and Barry is a gift from God. So I’m keeping an eye on both of them. So far, I only see they’re dumb as two boxes of rocks.

  14. Tim Geithner was in the meeting last fall when the AIG loan was negotiated (as Head of the NY Federal Reserve Bank). Puhleeze do not even try to convince me that he didn’t know full well about these bonuses at the time. Same goes for Obama – of course he didn’t have time to read it personally, but TPTB did, and they are the fiddler Obama dances to.

    These bonuses are nothing but a distraction. Geithner will likely end up getting dismissed over this in the long run, but watch – they’ll replace him with someone worse.

    I do agree, however, that Liddy and the people that received these bonuses are not the bad guys here. How about our wonderful elected officials that totally freaking ignored our wishes and gave them the money with no limitations? I’d say they’re much more to blame!

  15. I’ll say this…..I will agree that the execs should give some money back, if everyone in our government (Pres, Congress, and each and every confirmed and appointed official and staff person) that received anything from these companies not only lists everything they have received, but returns every penny of it.

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